# Product Snapshot - JPM Global Macro Opportunities Fund

> Audience: country=gb, language=en, role=adv.
> Generated: 2026-11-15T20:42:31.184891778Z.

## Identity

- **Fund Name**: JPM Global Macro Opportunities Fund
- **Share Class Name**: JPM Global Macro Opportunities Fund C - Net Accumulation
- **Product Page**: [Product Page](https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpm-global-macro-opportunities-fund-c-net-accumulation-gb00b4wkyf80)
- **ISIN**: GB00B4WKYF80
- **Fund Type**: OEIC
- **Asset Class**: Balanced

## OVERVIEW

### Investment objective

The Fund aims to provide positive investment returns, before fees, over a rolling 3 year period in all market conditions by investing in securities globally, using derivatives where appropriate. A positive return is not guaranteed over this or any time period and a capital loss may occur.



## Media

### Leveraging global macro themes to generate positive performance.

Seek to capitalise on the return opportunities presented by macroeconomic trends through a research-driven fund with a focused, risk-aware approach.

Key points
- EXPERTISE: Managed by dedicated macro portfolio managers, leveraging insights from investors and analysts across J.P. Morgan Asset Management.
- PORTFOLIO: Macro views are reflected in a focused and flexible portfolio, through long and short positions across equity, fixed income, currency, gold and volatility.
- RESULTS: Has achieved strong risk-adjusted returns over the medium term, with less than 10% annualised volatility, through diverse market environments.\*\*

Read full fund story >

- **Image**: [Featured image](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/emea/gb/en/images/chart-images/jpm-global-macro-opportunities-fund-chart-1.png)

 [Disclosure 1]

## Fund facts

- **Bloomberg**: JMMACNA LN
- **Reuters**: GB00B4WKYF80.LUF
- **ISIN**: GB00B4WKYF80
- **SEDOL**: B4WKYF8
- **Asset class**: Balanced
- **Region**: Global
- **Fund inception date**: 15/02/2013
- **Share class inception**: 15/02/2013
- **Share class currency**: GBP
- **ESG Approach**: ESG Integrated [Disclosure 2]

## Fund stats

- **Quoted price As of 13/11/2026**: 173.80p [Disclosure 3]
- **Price change As of 13/11/2026**: -0.20p
- **% daily price change As of 13/11/2026**: -0.11%
- **12 month high As of 29/01/2026**: 183.40p
- **12 month low As of 31/03/2026**: 167.20p
- **Yield As of 13/11/2026**: 0.45% [Disclosure 4]
- **Latest dividend value**: 0.79p
- **Xd date**: 02/02/2026
- **Income distribution frequency**: annually
- **Income distribution date**: 30/04
- **Fund size As of 13/11/2026**: GBP 112.79 Mn

## Fees

### Fees

- **Initial charge**: 0.00%
- **Redemption charge**: 0.00%
- **Ongoing charge**: 0.72%


## Portfolio managers

### Josh Berelowitz

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/josh-berelowitz/)
- **In the industry**: 15 YEARS
- **With J.P. Morgan**: 15 YEARS
- **Managing this fund**: 6 YEARS

### Jonathan Cummings

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/jonathan-cummings/)
- **In the industry**: 21 YEARS
- **With J.P. Morgan**: 21 YEARS
- **Managing this fund**: 1 YEAR

### Yazann Romahi

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/yazann-romahi/)
- **In the industry**: 27 YEARS
- **With J.P. Morgan**: 23 YEARS
- **Managing this fund**: 1 YEAR

### Michal Plotkowiak

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/michal-plotkowiak/)
- **In the industry**: 16 YEARS
- **With J.P. Morgan**: 4 YEARS
- **Managing this fund**: 2 YEARS

## Ratings

### Morningstar Medalist Rating™

- **Morningstar Medalist Rating™**: Bronze
- **As of **: 31/10/2026
- **Analyst-Driven %: **: 100
- **Data Coverage %: **: 100


## Performance

### Quarterly rolling 12 months

_As of  30/09/2026_

| Return | 2021/2022 | 2022/2023 | 2023/2024 | 2024/2025 | 2025/2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JPM C - Net Acc - GBP | -8.90% | 0.12% | 2.70% | 4.00% | 4.37% |
| Benchmark | 0.73% | 4.12% | 5.38% | 4.60% | 3.91% |
| Excess return (geometric) | -9.56% | -3.84% | -2.54% | -0.57% | 0.44% |

### Calendar year

_As of  31/10/2026_

| Return | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| JPM C - Net Acc - GBP | -3.16% | 15.98% | -1.34% | 1.97% | 13.63% | 5.27% | -10.51% | -0.62% | 8.88% | 1.61% | -1.24% |
| Benchmark | 0.41% | 0.30% | 0.61% | 0.72% | 0.21% | 0.06% | 1.42% | 4.77% | 5.28% | 4.37% | 3.20% |
| Excess return (geometric) | -3.55% | 15.64% | -1.93% | 1.23% | 13.40% | 5.21% | -11.76% | -5.15% | 3.42% | -2.65% | -4.31% |

### Cumulative

_As of  31/10/2026_

| Return | 1 MONTH | 3 MONTHS | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| JPM C - Net Acc - GBP | -3.80% | -1.19% | -1.74% | 3.80% | -3.43% | 33.23% |
| Benchmark | 0.32% | 0.96% | 3.89% | 14.39% | 20.51% | 22.83% |
| Excess return (geometric) | -4.11% | -2.13% | -5.42% | -9.26% | -19.86% | 8.46% |

### Annualised

_As of  31/10/2026_

| Return | 3 YEARS | 5 YEARS | 10 YEARS |
| --- | ---: | ---: | ---: |
| JPM C - Net Acc - GBP | 1.25% | -0.69% | 2.91% |
| Benchmark | 4.58% | 3.80% | 2.08% |
| Excess return (geometric) | -3.19% | -4.33% | 0.82% |

 [Disclosure 5]

## Portfolio

### Current positioning

_As of 31/10/2026_

| Positioning | Current positioning |
| --- | ---: |
| Physical |
| Interest rate swap | 44.2% |
| Commodity futures | 30.0% |
| Equity futures | 8.3% |
| Equity options | -6.5% |
| Bond futures | -84.0% |
| Derivatives |
| Equity futures | 12.0% |
| Equity options | 0.0% |
| Bond futures | -88.7% |
| Interest rate swap | 40.1% |
| Commodity futures | 27.1% |
 [Disclosure 6]

### Risk breakdown - Theme risk

_As of 31/10/2026_

| Theme risk | Risk breakdown - Theme risk |
| --- | ---: |
| Widespread technology adoption | 23.4% |
| Quant | 21.5% |
| US | 16.4% |
| Europe | 11.4% |
| Asia Pac ex China | 8.1% |
| China | 7.4% |
| EM opportunistic | 4.0% |
| Climate change response | 3.6% |
| Healthcare innovation | 2.4% |
| EM consumer demand | 1.8% |
| Total | 100.0% |
 [Disclosure 7]

### Risk breakdown - Regional risk

_As of 31/10/2026_

| Region | Risk breakdown - Regional risk |
| --- | ---: |
| North America | 27.7% |
| UK | 24.1% |
| Europe ex-UK | 15.6% |
| Asia pac ex-Japan | 14.5% |
| Japan | 12.4% |
| Emerging Markets | 5.7% |
| Total | 100.0% |
 [Disclosure 7]

### Risk breakdown - Asset class risk

_As of 31/10/2026_

| Asset class | Risk breakdown - Asset class risk |
| --- | ---: |
| Equity | 55.6% |
| Commodities | 18.2% |
| Fixed income | 14.1% |
| Currency | 9.3% |
| Advanced derivatives | 2.8% |
| Total | 100.0% |
 [Disclosure 7]

### Portfolio characteristics

_As of 31/10/2026_

| Portfolio characteristics | Portfolio characteristics |
| --- | ---: |
| Fund volatility | 9.0% |
| Net equity exposure | 32.5% |
| Duration | -3.8 years |


## COMMENTARY

**As of **: 31/10/2026

### Month in review

October saw sharp cross-asset rotations, particularly volatile government bond markets and a rotation in equities away from technology to defensive sectors. Economic activity remained resilient, and the broader monetary-policy trajectory stayed on track. The MSCI World Index fell -0.7% and JPM GBI Global Index rose 1.8% (hedged to UK sterling).

Technology and AI-related names led declines in equity as investors further questioned the scale of AI capex and associated financing risks. AI infrastructure and global semiconductor holdings detracted, but we maintained exposure based on longer-term conviction. Quarterly earnings updates showed strong demand, accelerating cloud growth and progress on monetisation. We topped up favoured names and removed one where we had lost conviction in its transition from its traditional business. In systematic macro, relative-value regional equity and US sector models suffered during the sharp sector rotation.

Global government bonds benefited from increased safe-haven demand as risk sentiment worsened, reversing the upwards impact that higher oil prices and European risks had on yields early in the month. Ultimately, lower yields weighed on short duration exposure, unwinding some of its strong contribution to returns seen in Q3. Our short US duration position detracted as Treasury yields fell from the multi-year highs reached earlier in the month. Lower yields drove negative performance from the short Japanese duration strategy and directional fixed income models within systematic macro strategies. Gold delivered negative returns amid concerns about higher inflation and policy rates driven by deteriorating geopolitics. We had reduced our exposure in September given near term-headwinds, maintaining a smaller weight to reflect positive longer-term structural views.

Europe continued to exhibit relatively softer growth prospects, while heightened fiscal and political uncertainty in France weighed on regional sentiment. This helped our short euro exposure, held against long Chinese yuan, which benefited from resilient Chinese manufacturing and export activity. Long Norwegian krone versus short US dollar and short euro exposures also added value, supported by higher oil prices and elevated Norwegian interest rates. Long Italian duration was flat as lower developed-market yields offset its earlier sensitivity to European sovereign risks.

### Looking ahead

We retain a positive outlook, underpinned by expectations for global growth to remain around trend. We remain constructive on equities despite elevated near-term volatility, with earnings fundamentals remaining supportive, particularly around AI-related demand, while the recent correction has improved valuations. We continue to monitor risks from persistent inflation, further monetary tightening, geopolitical uncertainty and a potential slowdown in AI-related investment.

We remain long equity and short developed market duration, but have reduced risk at the margins following the recent increase in market volatility. This reduction was achieved by trimming some short duration and buying equity put options.

## Documents

- [Factsheet](https://jp.techrules.com/rebrandingPDF/LoadPdf.aspx?ShareClassId=10566&country=GB&lang=EN&paramMIFID=YES)
- [JPM Global Macro Opportunities Fund - Commentary (C Acc share class)](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/literature/commentary/cm-global-macro-opportunities-fund-oeic.pdf)
- [Assessment of Value Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/Assessment-of-Value-Annual-Report.pdf)
- [JPM Global Macro Opportunities Fund C - Net Accumulation - KIID](https://www.fundslibrary.co.uk/fundslibrary.dataretrieval/documents.aspx?id=5cb43f5c-d10a-449d-9a37-b5e3d6d5b913&user=jpmam&type=fund_unit_kiid)
- [JPMorgan Fund ICVC - Prospectus](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/prospectus/jpmorgan-fund-icvc-prospectus.pdf)
- [JPMorgan Fund ICVC - Annual Report & Accounts](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/jpmorgan-fund-icvc-annual-report-accounts.pdf)
- [JPMorgan Fund ICVC - Interim Report & Accounts](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpmorgan-fund-icvc-interim-report-accounts.pdf)
- [ ESG Fund Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpm-global-macro-opportunities-fund-esg-fund-report.pdf)
- [UK TCFD Product Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpm-global-macro-opportunities-fund-tcfd-report.pdf)

## Disclosures

1. Source: J.P. Morgan Asset Management, Bloomberg, as at 31 December 2024. Fund performance is shown based on the quoted price of the share class C (acc) in GBP with income reinvested including actual ongoing charges excluding any entry and exit fees. In November 2012 the internal investment process and team changed with no impact on Fund investment policy and objective. \*\*The above target risk/return are the investment manager’s internal guidelines to achieve the Fund’s investment objective and policy as stated in the prospectus. There is no guarantee that these objectives will be met. Past performance is not a reliable indicator of current and future results.

2. ESG Integration is the systematic inclusion of financially material ESG factors, alongside other relevant factors, in investment analysis and investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not by itself change this product's investment objective, exclude specific types of companies or constrain its investable universe. This product is not designed for investors who are looking for a product that meets specific ESG goals or wish to screen out particular types of companies or investments, other than those required by any applicable law such as companies involved in the manufacture, production or supply of cluster munitions. ESG integration does not imply that the Fund is marketed or authorised as an ESG product in any jurisdiction where such authorisation is required.

3. The single price at which all client orders are executed.

4. The Yield reflects net distributions declared over the past 12 months as a percentage of the quoted price at the date shown. It does not include the Entry charge and investors may be subject to tax on their distributions. Where a portion of the fund’s expenses are charged to capital this has the effect of increasing the distribution for the year and constraining the fund's capital performance to an equivalent extent.

5. Past performance is not a guide to current and future performance. The value of your investments and any income from them may fall as well as rise and you may not get back the full amount you invested. Source: J.P.Morgan Asset Management. Share class performance shown is based on the quoted price of the share class, assumes any net income was reinvested, and includes ongoing charges but not any entry or exit fees. Prior to 01/12/21 the benchmark was ICE 1 month GBP LIBOR. The Benchmark is a performance comparator however the Fund will be managed without reference to its Benchmark. The Benchmark has been chosen as it reflects the investment strategy for the Fund. Indices do not include fees or operating expenses and you cannot invest in them.

6. Figures shown may not add up to 100 due to rounding.

7. Risk is the ex-ante standard deviation shown as a proportion of the total grouping ie: theme, region and asset class. Figures shown may not add up to 100 due to rounding.